BEIJING, July 4 /Xinhua-PRNewswire/ -- PacificNet Inc. (Pink Sheets: PACT), a leading provider of e-commerce and gaming technology in China, announced today that it has filed its 10-Q quarterly report for Q1 2008 with the SEC.
"I am happy to announce that we have filed our form 10-Q for Q1 2008," said Tony Tong, CEO of PacificNet. "We believe we’ve made adequate write-offs and provisions in goodwill as well as write-offs in the area of our telecom assets (legacy business) so we are well prepared and focused moving ahead. Our gaming products drew heavy interest at the G2E Asia expo in Macau and as a result of the show, we are getting many new orders for our gaming products and expect to see an increase in our gaming product sales in the next few quarters. As such, we expect to return to profitability soon. We are working diligently to get our Q2 earnings out as soon as possible so we can focus on business going forward. On behalf of everyone here at PACT and our subsidiary companies, I thank our shareholders for their present, past and future support and extend an open invitation to come see our products in action in Macau."
PacificNet’s financial reports and filings may be viewed at the SEC web site at: http://sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000815017
PACT has been notified by The NASDAQ Stock Market that The NASDAQ Listing Qualifications Panel has suspended trading of PacificNet Inc.’s shares effective today. PacificNet plans to request a review from the NASDAQ Listing and Hearing Review Council, which could alter or dismiss the Panel’s determination. As of now, PacificNet is quoted on the Pink Sheets, an electronic quotation service maintained by Pink Sheets LLC. The Pink Sheets allow continued trading of securities of delisted companies. PacificNet’s common stock will be traded on the Pink Sheets under the symbol "PACT.PK". PacificNet plans to seek listing on the OTC Bulletin Board(R), a regulated quotation service for over-the-counter securities, provided one or more market makers apply to quote PacificNet’s securities. In the event the NASDAQ Listing and Hearing Review Council does not overturn the delisting, PacificNet plans to seek relisting on the NASDAQ at a later date. PacificNet’s day-to-day operation will continue as normal.
About PACT
PacificNet (PACT) is a leading provider of gaming and mobile game technology worldwide with a focus on emerging markets in Asia, Latin America and Europe. PACT’s gaming products are localized to their specific markets creating an enhanced user experience for players and larger profits for operators. PACT’s gaming clients include the leading hotels, casinos, and gaming operators in Macau, Europe and elsewhere around the world. PACT employs about 500 staff in its various subsidiaries with offices in the US, Philippines, Hong Kong, Macau, China.
